Car finance rises again, according to report

Motoring

Car finance rises again, according to report

Vehicle data expert CARTELL.IE reports that the proportion of vehicles offered for sale (across all years) with finance outstanding is 14.3% - up from 12.5% in July 2017 and 11.5% in January 2017.

From a sample of over 5,906 vehicles offered for sale and checked via the Cartell.ie website in 2017 it was found that overall levels of finance have increased 24.3% in 12 months since January and 51% in 18 months since June 2016 when the rate recorded was 9.5%.

John Byrne, Legal and Public Relations Manager, Cartell.ie, says:

“In terms of the overall picture 14.3% of all vehicles checked with Cartell.ie so far in 2017 have finance outstanding.

“This is up from 11.5% in January and 9.5% in June 2016.

“These are very significant jumps.

“To give you some idea where we are coming from the levels of finance outstanding was 7% in December 2014 meaning the rate has doubled in three years.

“A buyer is advised to check a vehicle for outstanding finance as the finance house owns the vehicle until the last payment has been made – the bottom line is that you can lose the vehicle.”